In the third quarter of 2012 research and development expenses were $11.7 million dollars as compared to $10.8 million dollars for the same period of 2011. Third quarter general and administrative expenses were $2.8 million dollars as compared to $3.1 million dollars for the comparable period in 2011.
In the third quarter of 2012 the Company’s net loss was $15.0 million dollars or $0.25 cents per basic and diluted share as compared to a net loss of $12.7 million dollars or $0.26 cents per basic and diluted share in the same period of 2011.
As of September 30, 2012 the Company had approximately $55.1 million dollars of cash resources on hand. This includes net proceeds from the registered direct common stock offering to certain members of the Board of Directors in July 2012.
GuidanceThe Company expects to end 2012 with $38-$40 million in cash, cash equivalents and marketable securities. Based on our current operating levels we expect these cash resources will be sufficient to fund operations into the second half of 2013. These estimates assume no additional funding from new partnership agreements or equity financing events, and that the timing and nature of activities contemplated for 2013 will be conducted subject to the availability of sufficient financial resources. Conference call Management will conduct a conference call at 10:00 AM (EST) today to discuss clinical updates and third quarter financial results. The conference call will be webcast live over the Internet and can be accessed by logging on to the "Investors" section of the Synta Pharmaceuticals website, www.syntapharma.com, prior to the event. The call can also be accessed by dialing (877) 407-8035 or (201) 689-8035 prior to the start of the call. A replay will be available from 2:00 PM (EST) on November 6 through midnight (EST) on November 13. To access the replay, dial (877) 660-6853 or (201) 612-7415 and refer to conference ID 401666. The webcast will also be archived on the Company's website.